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MEG Energy sees third-quarter earnings, bitumen production rise
MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier.
The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.
Revenues were $1.4 billion, down from $1.6 billion a year earlier.
CEO Derek Evans says increased bitumen production and strong bitumen realizations resulted in over $400 million in free cash flow, allowing the company to advance its debt reduction.
The company says it paid down US$68 million in debt, or approximately $92 million in Canadian dollars, during the third quarter.
Bitumen production rose to 103,726 barrels to day, up from 101,983 a year earlier.
This report by The Canadian Press was first published Nov. 6, 2023.
Companies in this story: (TSX:MEG)
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